A caster is a type of un-driven wheel which is designed and manufactured to be attached on the bottom of the object to ensure that the object is movable. Apart from the simple caster the swivel caster has an additional swivel joint above the fork which allows free rotation of the fork i.e. 360-degree rotation. This benefit allows to move the vehicle in any direction without changing the original orientation. At times a handle is provided with the swivel casters so that the user can modify and alter the orientations.
Market scope and structure analysis
The global swivel casters market is experiencing growth at a faster rate since the past few years and is expected to grow considerably during the forecast period. High implementation of advanced technology and the presence of key players in North America are the factors likely to create lucrative opportunities for the market growth. Europe also plays an important role in the global market, exhibiting an outstanding growth in CAGR during the forecast period.
COVID-19 impact analysis
- COVID-19 pandemic has shut down the production of various products in the swivel casters industry attributed to the lockdown in countries worldwide. This has hampered the growth of swivel casters market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of swivel casters in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for swivel casters was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for swivel casters.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Swivel casters manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- Swivel casters manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top impacting factors
Rise in demand for swivel casters in malls, clinics, industries and hospitals along with the use of caster for faster mobilization of patient in hospitals, convenience offered by swivel casters to customers while shopping as these help reduce heavy baggage and load while shopping are the factors likely to fuel the market growth during the forecast period. Whereas, high cost of raw material used in caster manufacturing is likely to restrain the market growth during the forecast period.
- One of the very prominent business strategies adopted by different market players to establish their foothold in the market includes business expansion. For instance, Rockford Systems recently launched GermBlock Cough and Sneeze Shields with a caster wheel kit to add portability. This development explains the role of caster wheels in enhancing portability across various applications. Hamilton Caster recently introduced four new caster series and five new wheel series specially developed for safe transportation of heavy loads. The wheels are designed for 10 mph speeds.
- Similarly, competitors in the swivel casters market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in November 20, 2020 Caster Concepts has announced the acquisition of Aerol Co. Inc., a leading design, engineering and caster manufacturer for military, aerospace and energy industries. The purchase adds to Caster Concepts’ diverse product line of heavy-duty industrial casters, wheels and polyurethane tread with Aerol’s aluminium casters and wheels specifically designed for the aerospace tooling industry.
- New products that contain improved capabilities have been launched by leading market players to improve accuracy of devices and overall functionality as well. For instance, RWM Casters, the original inventor of kingpinless casters, produce new and advanced products to meet the needs and requirements of the customer.
Key benefits of the report
- This study presents the analytical depiction of the swivel casters industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the swivel casters market share.
- The current market is quantitatively analysed to highlight the swivel casters market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed swivel casters market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Product Type
- Looking casters
- Kingpin-less casters
- Hollow kingpin casters
- Plate casters
- By End User Industry
- Industrial and Automotive
- Furniture
- Medical
- others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Stellana,
- TAKIGEN,
- Blickle,
- TELLURE,
- Wicke,
- Colson Group,
- Tente International,
- Flywheel Metalwork
- CEBORA,
- Holdings, LLC,
- Steinco,